CBN warns on fake microfinance firm
Nigeria’s central bank has issued a public alert concerning Zuldal Microfinance Bank Limited, clarifying that the organization lacks authorization to conduct financial operations within the country. Acting Director of Corporate Communications Hakama Sidi Ali stated the entity falsely claims to hold proper licensing despite reportedly maintaining locations in Lagos, Abuja, Kaduna and Kano.
The Banks and Other Financial Institutions Act of 2020 requires all banking enterprises to obtain valid Central Bank of Nigeria approval before commencing operations. Officials cautioned citizens against conducting transactions with the unlicensed institution, emphasizing that individuals engaging with such entities assume complete personal risk.
The monetary authority maintains a comprehensive registry of approved financial institutions on its website for verification purposes.
